Personal finance buddy Sqrrl has raised $1million from Equanimity Venture Fund. The Gurugram-based startup will deploy the funds to ramp up its technologies through machine learning and artificial intelligence.
The millennial-focused fintech startup was incubated by JioGenNext, a startup accelerator program run by Reliance Jio and Microsoft Ventures.
Founded in May 2016 by Samant Sikka, Dhananjay Singh, and Sanjeev Sharma, Sqrrl is available in nine Indian languages including Hindi, Tamil, Telugu, Bengali, Marathi, Gujarati, Malayalam, and Kannada.
The platform personalizes investment needs of individuals and matches them with funds available in the industry. With the consent of users, the app tracks every transaction made by them through net banking, debit or credit card, and wallet to provide the best plan for them.
It is an app-only platform with the MVP around savings and investment products powered by Mutual Funds.
Sqrrl provides four different features — goal-based investment, Sqrrl Away, Axe Tax and Systematic Investment Plan (SIP) — under the app.
According to Sharma, the DIY platform is targeting the rapidly growing segment of 300 million smartphone users in India.
Sqrrl claims to have around 1,50,000 users in the age group of 27-32 and it seeks to use the growth capital to reach out to a million users across India by 2019.
During an interview with Entrackr, Sqrrl revealed that 90 per cent of the users are under 40 years of age. Besides, 61 per cent of the users are from beyond top 15 cities. So far, the platform has been able to cover over 700 cities in India.
The startup also aspires to be amongst the top 10 players within four years, with an asset under management (AUM) of approx $14 billion and 12 million customers.
The development was reported by ET.